Forex analysis: USDCAD

Forex analysis: USDCAD Daily-Chart

Here you can see the Daily-Chart of the USDCAD. I have marked a trendline (dark green) and a support zone (light green). The support zone combines important high points of the currency pair in the past. So the USDCAD's course had very strong problems to surpass this area. We see three clear reversals at the left. In the fourth try the course then surpasses this important level. Now the course has returned to this area. Here I am now eagerly awaiting what the market participants are doing. I see this within the Candlesticks. Thus, the candles give me information about whether the course in this area shows a strong reaction or is going through this area. I am waiting for a confirmation of this level by strong bullish candles. We need certain tools within the Forex analysis. Various psychological resistance and support levels, as well as candlesticks give me a chance to pull my profit out of the market.

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